A gold loan is a loan in which the borrower offers a certain amount of gold against a loan amount (called loan-to-value or LTV) for a certain period of time. This works like a normal secured loan in which the gold acts as collateral or asset.
A gold loan offers many benefits when compared to other types of loans. Gold loan benefits include faster processing time, higher loan to value ratio, lower interest rates, the convenience of availability of the collateral, faster loan disbursal, and relaxed eligibility criteria. Based on the lender, you may also enjoy other benefits like insurance cover.
A gold loan offers better benefits than a personal loan or credit card loan. For example, gold loans have much lower interest rates and are not as heavy on document work. In fact, gold loans require minimal document work with only KYC needed. Moreover, gold loans do not require a credit score or history and have the highest loan-to-value ratio (LTV). Loan amounts are also disbursed much faster, usually within a few hours, making it a great option for those in need of an emergency loan.
To take out a loan against gold, you must pledge your gold ornaments to the lender. This gold is valued first, and then a loan amount against the pledged gold is fixed. A self-evaluation can also be done with a gold loan calculator online. Once the loan is disbursed, the borrower will have to complete the repayments within the loan tenure, after which, the collateral is returned to the borrower.
You can use the online gold loan amount to suit any business or personal need that does not entail illegal activities, money laundering, terrorism or any other activity prohibited by law.ld implement comprehensive risk management frameworks, conduct regular risk assessments, develop contingency plans, and establish strong internal controls. Collaborating with established financial institutions can also help mitigate risks through their expertise and risk management capabilities.
MoneyGear strives to provide solutions to all your gold loan problems, which is why We offer unique and instant gold loan solutions with the best rates in the market. Our interest rates are as low as 1.00%, and we offer flexible repayment schemes as well to make gold loans affordable and convenient for all. We also offer 100% insurance cover for your ornaments.
If you are above the age of 18 and possess the required KYC documents and gold amount, you can avail a MoneyGear gold loan! Our gold loan eligibility criteria is minimal in order to make gold loans more accessible to all.
Applying for a gold loan with MoneyGear can be done in 3 easy steps. - Request a loan: give us a call, or visit our website - Get gold valued at Branch: Complete the KYC process in less than 2 Minutes. - Get money instantly: The loan amount is instantly transferred to your account.
In case a borrower is unable to complete gold loan repayments because of unforeseen circumstances, the borrower will face extra charges with jumping interest rates. The loan manager will also be in touch with you to discuss the issue. If the loan amount remains unpaid beyond a stipulated date, the gold will be auctioned off.
To ensure the safety of your gold ornaments, Your ornaments are sealed in a secured bag. Your gold is also fully insured.
Gold loan repayment is made easy with MoneyGear’s online gold loan payment portal and app. Simply log in with your mobile number and view your profile to view and complete gold loan repayments.
Yes, you will be charged a late payment fee if you fail to pay the interest amount on time. Please get in touch with your loan manager to know more.
If you have any other queries or feedback, you can give us a call on the number for your city, available on our contact us page. We are always happy to help.
